Paris: The Paris office of international legal practice Norton Rose has advised Polesine S.A., a subsidiary of Akuo Energy S.A.S., on the USD 88.5m financing granted by development finance institution Proparco (also acting as arranger), Dutch development bank FMO and German development finance bank DEG for the construction and operation of a wind farm located in San Gabriel (Florida), Uruguay.

Akuo Energy is an independent French producer of electricity generated exclusively from renewable energy sources. It develops finances, builds and operates a portfolio of power plants. The Group has over 100 employees and operates in 13 geographical areas: mainland France, Réunion Island, Corsica, the West Indies, Poland, Croatia, Serbia, Montenegro, Morocco, the USA, Uruguay, Indonesia and Turkey.

Following the global financial crisis, the Uruguayan Government has launched a national long term energy policy in order to reduce the country’s reliance on fossil fuels. Under the policy, Uruguay will acquire more than 600 MW of renewable energy under 20-year power purchase contracts in dollars indexed on inflation. Under this policy Akuo Energy S.A.S. has bid for the invitation to tender launched by UTE, the Uruguayan public utility company, for the construction of a 150 MW wind power scheme that includes the Florida project.

Paris partner Anne Lapierre and of counsel Véronique Bruel led the team advising Akuo Energy, supported by associates Marie Zelazko and Aude d’Argentré. Frankfurt partner Antje Günther, and senior associate Matthias Hessler supported the Paris team advising on the German law aspects. Hughes & Hughes provided assistance in Uruguay.

Clifford Chance advised the lenders and Ferrere Abogados advised on Uruguayan law aspects.

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